Minister: Doors Open to US Firms to Attend Iran Oil Projects

Minister: Doors Open to US Firms to Attend Iran Oil Projects

TEHRAN (FNA)- Iranian Minister of Petroleum Bijan Zangeneh said on Saturday that there is no objection to the US firms taking part in the development projects of Iran’s oil industry.

“However, they have their problem for presence here,” he told reporters after opening of Iran Petroleum Contracts Conference here in which new contract models will be introduced to investors.

To a question, he rejected the possibility of low crude prices bringing down investment in Iran’s oil industry and said, “The current prices and even less will not create a problem for the projects’ reimbursement or profits because of low finished cost in our industry.”

Putting the cost at 10 dollar per barrel he added, “The projects to be launched within the new projects will be carried on tender basis.”

He stressed participation of domestic firms along with their foreign counterparts in the new projects and said, “Many foreign firms including European and Asian companies are interested to invest in Iran’s oil industry.”

“We need to negotiate with them. I cannot announce which one is closer to enter a contract. However, Total, Eni, Malaysians, Japanese, and Chinese are interested to make investments in Iran’s oil industry,” he added.

To another query on OPEC and the countries that are objecting to consensus in making decisions, Zangeneh did not provide a straight answer and said, “In any case, there are certain countries that are against.”

“Generally speaking, I think OPEC needs consensus, but it is very unlikely that we can reach a consensus in the upcoming meeting, Of course, it is not that Iran will always table proposals,” he said declining answering a question whether Saudi Arabia has been behind reaching a consensus on production quota.

He said Iran is not going to pump extra gas to Turkey in cold season via the pipeline beyond the amount agreed in the contact between the two countries.

As to the declining trend in crude oil prices and whether it has been checked, the Iranian minister replied, “No one can talk about the oil price with certainty.”

When asked on selling extra gas to Turkey via pipeline in cold season, Zangeneh said Iran will not increase pumping gas in winter beyond the contact due to high domestic consumption.